Refinance Before Making Late Mortgage Payments

by | BiggerPockets.com

real estate tipsIn the current housing bubble, hundreds of thousands of people, if not millions got themselves into risky mortgages. Often times people will not realize that they cannot afford their home until it is too late! If you’re having problems paying your mortgage and you want to refinance, do it before falling behind or making that late payment.

According to The Mortgage Blog, “banks really look at whether or not you can handle a mortgage payment responsibly. If you’ve been late on your mortgage more than 30 days, what we call a 30 day late, that counts against you.”

That’s a tip we should all keep in mind!

About Author

Joshua Dorkin

Joshua Dorkin is a serial entrepreneur, investor, podcaster, publisher, educator, and co-author of How to Invest in Real Estate. He started BiggerPockets to help democratize the real estate investing landscape for himself and others, aiming to make it accessible for everyone, regardless of income or education. Today, BiggerPockets is the premier real estate investing website online with over one million members and reaching over 70 million people with the message of financial freedom through real estate investing. Joshua, along with his wife and three daughters, make their home in Denver, Colorado, and spend any time they can traveling, exploring, and adventuring. Read more about Joshua’s story in 5280 and Inc.com.

1 Comment

  1. The subprime meltdown has caused lenders to become even stricter with mortgage lates. You can be denied outright for a refinance, have a lower LTV amount to borrow, and most likely get a higher interest rate. It really pays to pay your mortgage. No pun intended.

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